Inmar changes discount on $415 million incremental term loan to 97

By Sara Rosenberg

New York, Jan. 31 – Inmar Inc. widened the original issue discount on its fungible $415 million incremental covenant-light first-lien term loan (B1/B) due May 1, 2024 to 97 from 98, according to a market source.

Pricing on the incremental term loan remained at Libor plus 400 basis points with a 1% Libor floor.

The term loan debt is getting 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Jefferies LLC, Wells Fargo Securities LLC and Deutsche Bank Securities Inc. are the arrangers on the deal.

Recommitments were scheduled to be due at 4 p.m. ET on Thursday, the source added.

Proceeds will be used to fund the acquisition of You Technology, a Brisbane, Calif.-based digital coupon and digital rebate publishing unit owned by Kroger.

With this transaction, the company will reprice its existing $571 million term loan to Libor plus 400 bps from Libor plus 350 bps for fungibility.

Inmar is a Winston-Salem, N.C.-based provider of technology-enabled promotion, processing and inventory logistics services.

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